NEW YORK, July 22 (Reuters) - The S&P 500 hit a record high
on Tuesday as inflation data was seen keeping the Federal
Reserve in an equities-friendly tone, while hopes rose for an
easing of tensions in Ukraine.

Mixed earnings have been pouring in since Monday's closing
bell, allowing the positive bent to continue. U.S. consumer
prices rose in June as the cost of gasoline surged, but the
overall trend pointed to a slow build-up of inflation pressures
-allowing the Fed to continue to gradually take the foot off the
stimulus pedal.

An index of homebuilder stocks rose 1.1 percent after
separate data showed U.S. home resales rose in June at their
fastest pace in eight months.

"It seems the market for today is taking a breather from
worrying about the geopolitical concerns," said Peter Cardillo,
chief market economist at Rockwell Global Capital in New York.

"The market is focusing on several good earnings reports and
of course economic data."
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